USD/JPY Forecast March 29, 2017, Technical Analysis

USD/JPY daily chart, March 29, 2017

The USD/JPY pair initially fell during the session on Tuesday but found enough support below to turn things around again. It appears that the 50% Fibonacci retracement level is going to continue to offer a bit of dynamic support, and with this being the case if we can break back above the 200-exponential moving average, pictured in black on the chart, then I think the buyers may return. Alternately, if we break down below the 50% Fibonacci retracement level, we then will more than likely reach towards the 108 handle, which is near the 61.8% Fibonacci retracement.